California couple finds 10 million in gold coins on their property

[BladesNBarrels]

The San Francisco Chronicle reports that the find is a taxable event under a 1969 federal court ruling that held a "treasure trove" is taxable the year it was discovered.


"If you find and keep property that does not belong to you that has been lost or abandoned (treasure-trove), it is taxable to you at its fair market value in the first year it is your undisputed possession,” the report said, citing the IRS tax guide.


The report says after all is said and done, about 47 percent will go to state and federal tax, or the top tax rate.


An accountant told the paper that the couple can try to fight the tax and claim it was there when they bought the property.

Sure think it would be worth arguing that it qualifies as Capital Gains. They just knew that the land had something valuable on it when they bought it since it is located in Gold Country.

[hatidua]

I'd be willing to bet the "California couple" are starting to have serious regrets about their "let's go tell the press what we found and get our 15 minutes of fame" idea.

[Firehaus]

Sure think it would be worth arguing that it qualifies as Capital Gains. They just knew that the land had something valuable on it when they bought it since it is located in Gold Country.

That's the same angle of an article I just read since they own the land it's found on. Is it really any different than finding oil on your property that you didn't know was there?


Sent from my iPhone using Tapatalk

[BladesNBarrels]

That's the same angle of an article I just read since they own the land it's found on. Is it really any different than finding oil on your property that you didn't know was there?

For 47% of $10 Million, it would be worth some cost of fighting it in Tax Court.
Too bad Oil and Gas has its own tax rules.

[rondog]

Since they were stupid enough to announce to the WORLD what they found, I give no shits about their woes. You find something like that, you immediately move it to a safer place and STFU about it! A friggin' cheeseburger should have that much sense.

[speedysst]

Why the hell should people have to hide stuff from the IRS? Just another way to steal money from the people. Its just as bad as the inheritance tax.

Since they were stupid enough to announce to the WORLD what they found, I give no shits about their woes. You find something like that, you immediately move it to a safer place and STFU about it! A friggin' cheeseburger should have that much sense.

[rondog]

Why the hell should people have to hide stuff from the IRS? Just another way to steal money from the people. Its just as bad as the inheritance tax.

Nobody SHOULD HAVE TO, but the fact remains that there are thieves and parasites everywhere! If the Fed Gov doesn't try to take it, the State Gov will, and the previous landowners heirs for generations, and every friend/relative you have, and every friend/relative you've lost track of or disowned, and every charity in the book, and every scam artist in the country, and burglars, and armed robbers, and so on and so on. Just like winning the Lottery. People will look at you and point you out everywhere you go. Privacy? What's that?

Come into a windfall of any kind? Keepeth thy yap shut and keepeth thou a low profile. Lest ye be beset upon by all manner of beggars and thieves.

If I should ever win a lottery, my first order of business would be to hire a lawyer to keep my name a secret. I'd do everything possible to stay anonymous, even if I had to create a trust and claim the prize through it.

[newracer]

There is a good write up on that other AR15 site that details what to do fi you win the lottery. I think I posted it here once too.

[rbeau30]

Just walked around my yard and the only thing I found I wish the government would come get it...I hate picking up dog poop.

Me too, especially since I don't own a dog. I sure as heck would not say a damn thing. Probably not even spend it real fast. I would be doing a lot of bartering.


WHY is the government even taxing them on the metal value of the coins? Shouldn't they be taxed on lets say... $133,000 face value? LOL Go to a FIAT currency, get FIAT taxes from my finds!

[Squeeze]

Or, at least, "We found ONE can, with a FEW gold coins..."

HC nailed it. Full disclosure will wreck their lives.

Sent via my Mobile Work Avoidance Device

Remember, we're talking about a couple from Kalifornia here...not a lot of common sense floating around in that state.